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Selling unregistered securities is not a new concept lol. It went unbelievably poorly last time we tried it which is why we stopped. It was a major contributor

Selling unregistered securities is not a new concept lol. It went unbelievably poorly last time we tried it which is why we stopped. It was a major contributor to the Great Depression. So my question to you is: what has changed since last time we tried this? Why am I to believe that "this time is different." [edit] Your suggestion that an idea cannot possibly be bad because 1000 startups are chasing it holds no water, it's an appeal to authority. Worse than appeal to authority: it's an appeal to the wisdom of crowds. Crowds of course are notorious for making great decisions. Hundreds of thousands of individual investors thought that sub-prime mortgage backed securities were a brilliant plan.

berberous 5y ago
I don't see this conversation going anywhere productive, but do you not think anything has changed since the Great Depression? Your arguments can (and have been) those that applied to Uber or AirBnB; namely, that the only value they had was in skirting regulations, and that eventually the regulations catch up such that Uber or AirBnB is no better than the predecessor taxi and hotel industries. And I think there is certainly a lot of truth to that, but I also think this is normal human progress. As times change, we try something slightly different, and where old pain points arise again, we re-regulate accordingly. You are left with something that is indeed quite similar to the older industry, but with a fresh coat of pain and some improvements. You can dismiss that as entirely worthless, but I see it as normal and part of progress: two steps forward, one step back. Similarly, I think having financial regulations that were created in 1933 be static forever is a mistake. As technology progresses, there can be room for changes. So I see DAOs and crypto in a similar light: yes, certain actors violate existing laws, but there is a freedom to explore a new design space, and then the regulators will catch up and reign it back to something more reasonable. As for my link to OrangeDAO, it is not about 1,000 YC founders with Web3 startups, but 1,000 YC founders that are members of a DAO that seeks to invest and help other Web3 startups. As for what's different, my answer would be scale. DAOs make it easier to coordinate large groups of people. Take a look at what OrangeDAO seeks to fund: https://orangedao.notion.site/0516999b88534575bf759323f5e9fe81?v=89f6de7f9d3c4b7f97859da4890adfa3 https://orangedao.notion.site/0516999b88534575bf759323f5e9fe... Many of them are targeted towards corporate infrastructure; replacing traditional processes with software-first functions, which allow a lot of disparate people to function together more easily, and reduces the friction of "a group of people working together towards a common goal" from that of an existing corporation.
- arcticbull 5y ago
  > I don't see this conversation going anywhere productive, but do you not think anything has changed since the Great Depression? In the sale of blue-sky securities? Not a darn thing. > As for what's different, my answer would be scale. DAOs make it easier to coordinate large groups of people. Take a look at what OrangeDAO seeks to fund. Sounds like a VC fund. Just wait until you see the list of those projects! > Many of them are targeted towards corporate infrastructure; replacing traditional processes with software-first functions, which allow a lot of disparate people to function together more easily, and reduces the friction of "a group of people working together towards a common goal" from that of an existing corporation. So like, Zoom and GSuite? I'm not sure how "Waze for moving crypto assets" fulfills that goal.

berberous 5y ago

I don't see this conversation going anywhere productive, but do you not think anything has changed since the Great Depression? Your arguments can (and have been) those that applied to Uber or AirBnB; namely, that the only value they had was in skirting regulations, and that eventually the regulations catch up such that Uber or AirBnB is no better than the predecessor taxi and hotel industries. And I think there is certainly a lot of truth to that, but I also think this is normal human progress. As times change, we try something slightly different, and where old pain points arise again, we re-regulate accordingly. You are left with something that is indeed quite similar to the older industry, but with a fresh coat of pain and some improvements. You can dismiss that as entirely worthless, but I see it as normal and part of progress: two steps forward, one step back. Similarly, I think having financial regulations that were created in 1933 be static forever is a mistake. As technology progresses, there can be room for changes. So I see DAOs and crypto in a similar light: yes, certain actors violate existing laws, but there is a freedom to explore a new design space, and then the regulators will catch up and reign it back to something more reasonable. As for my link to OrangeDAO, it is not about 1,000 YC founders with Web3 startups, but 1,000 YC founders that are members of a DAO that seeks to invest and help other Web3 startups. As for what's different, my answer would be scale. DAOs make it easier to coordinate large groups of people. Take a look at what OrangeDAO seeks to fund: https://orangedao.notion.site/0516999b88534575bf759323f5e9fe81?v=89f6de7f9d3c4b7f97859da4890adfa3 https://orangedao.notion.site/0516999b88534575bf759323f5e9fe... Many of them are targeted towards corporate infrastructure; replacing traditional processes with software-first functions, which allow a lot of disparate people to function together more easily, and reduces the friction of "a group of people working together towards a common goal" from that of an existing corporation.

arcticbull 5y ago
> I don't see this conversation going anywhere productive, but do you not think anything has changed since the Great Depression? In the sale of blue-sky securities? Not a darn thing. > As for what's different, my answer would be scale. DAOs make it easier to coordinate large groups of people. Take a look at what OrangeDAO seeks to fund. Sounds like a VC fund. Just wait until you see the list of those projects! > Many of them are targeted towards corporate infrastructure; replacing traditional processes with software-first functions, which allow a lot of disparate people to function together more easily, and reduces the friction of "a group of people working together towards a common goal" from that of an existing corporation. So like, Zoom and GSuite? I'm not sure how "Waze for moving crypto assets" fulfills that goal.